Spain is the field’s cautionary tale and its hidden opportunity at once. The golden visa is gone — terminated 3 April 2025 by Organic Law 1/2025, no new applications, full stop. But Spain never stopped being one of the world’s most wanted destinations, and its surviving routes are cheaper than any golden visa ever was — with, for one large group of applicants, the fastest citizenship timeline in the Western world. Verified 28 July 2026.

Spain in one paragraph (verified 28 July 2026): Residency by investment is closed (April 2025; pre-deadline holders grandfathered with renewals). The open routes are the Non-Lucrative Visa — passive income around €28,800/year for a single applicant (400% of the IPREM index, adjusted annually), no working in Spain; the Digital Nomad Visa — remote income roughly €2,760+/month; and entrepreneur/highly-qualified permits. The structural advantage that survives everything: nationals of Ibero-American countries (plus the Philippines, Andorra, Equatorial Guinea and Portugal) can apply for Spanish citizenship after just 2 years of legal residence, versus 10 standard.

At a glance

Golden visa	🔴 Closed 3 Apr 2025 — beware anyone selling a “workaround”
Non-Lucrative Visa	🟢 Passive income ~€28,800/yr; real relocation expected; no Spanish work
Digital Nomad Visa	🟢 Remote workers ~€2,760+/mo; leads to long-term residence
Citizenship	10 yrs standard — 2 yrs for Ibero-American nationals
Tax reality	Both main routes generally make you a Spanish tax resident

The 2-year track is the story

For a Mexican, Colombian, Argentine or Brazilian family, an NLV or DNV followed by two years of residence is now the fastest realistic route to an EU passport anywhere — faster than Portugal’s post-2026 7-year CPLP track, and at visa costs that are a rounding error next to any golden visa. The trade-offs are real relocation (these are living-in-Spain visas, with the tax residency that follows) and Spain’s renunciation formalities at naturalisation (applied leniently for Ibero-Americans in practice — individual legal advice required). Full comparison including non-Spain options: our detailed Spain alternatives guide.

If passive investment was the point

Spain no longer sells residence for capital — the nearest equivalents are Greece (property, from €400k in most regions), Portugal (funds, minimal presence) and Cyprus (€300k + VAT, permanent status). The cost calculator puts them side by side.

Watch items

• Income thresholds (IPREM and minimum-wage multiples) adjust each January — verify current figures at application time.
• Grandfathered golden-visa holders keep renewal rights; renewals should be handled punctually and with advice.

FAQ

Is there any investment route left into Spain?

No residency-by-investment route exists. Entrepreneur permits reward active business-building, not passive capital — different product entirely.

I’m Latin American — is Spain really faster than Portugal now?

For citizenship, generally yes: 2 years of legal residence versus Portugal’s 7 for CPLP nationals — but Spain expects you to actually live there, while Portugal’s Golden Visa doesn’t. Different lifestyles, different answers.

All programs: 2026 comparison · status tracker · consultation

Verified 28 July 2026. Not legal, tax or immigration advice; no visa outcome can ever be guaranteed.